|Particulars||IFRS||US GAAP||Indian GAAP|
|Components of financial statements||Two years’ consolidated balance sheets, income statements, cash flow statements, changes in equity and accounting policies and notes.
In limited circumstances or on a voluntary basis, an entity may present single entity parent company (standalone) financial· statements along with its consolidated financial statements.
|Similar to IFRS, except three years required for SEC registrations (public companies) for all statements except balance sheet.
Specific accommodations in certain circumstances for foreign private issuers that may offer relief from the three-year requirement.
|Single-entity parent company (standalone) two years’ balance sheets, income statements, cash flow statements, and accounting policies and notes.
Public listed company: Additionally are required to prepare consolidated financials statements along with the standalone financial statements.
|Balance sheet||Does not prescribe a particular format. A liquidity presentation of assets and liabilities is used, instead of a current/non-current presentation, only when a liquidity presentation provides more relevant and reliable information. Certain minimum items must be presented on the face of the balance sheet.||Entities may present either a classified or non classified balance sheet. Items on the face of the balance sheet are generally presented in decreasing order of liquidity.||Accounting standards do not prescribe a particular format; certain items must be presented on the face of the balance sheet.
Formats are prescribed by the companies Act and other industry regulations like banking, insurance, etc.
|Income Statement||Does not prescribe a standard format, although expenditure is presented in one of two formats (function or nature). Certain minimum items must be presented on the face of the income statement.||Present as either a single step or multiple-step format.
Expenditures are presented by function.
US public companies should follow SEC regulations.
|Does not prescribe a standard format; but certain income and expenditure items are disclosed in accordance with accounting standards and the Companies Act.Industry-specific formats are prescribed by industry regulations.|
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